Stagflation starting?

As I predicted in 2005, stagflation* may be raising it's ugly head! If nothing is done to develop competing (renewable) energy sources, this could make the economic turmoil of the 1970s look mild.

* Do a quick web searh on the term - first coined in mid-197os, caused by... dramatic oil price increases. This time (with peak oil), it could be a lot worse.